Commonwealth Bank of Australia (Other OTC: CBAUF - news) was flat after touching 1-month highs earlier in the session. CBA reported a record interim profit as a reduction in bad debts and growth in its loan book overcame narrowing margins.

"There are no ominous signs of impeding danger in the result," said Morningstar (NasdaqGS: MORN - news) analyst David Ellis in a note.

"Just another strong and consistent performance building on a long and enviable track record of steadily increasing profits and dividends."

The benchmark has had a lacklustre start to the year, falling some 1.4 percent so far in 2014 as investors held back from equities on worries of slowing growth in China and stimulus tapering in the U.S..

Wall Street rose for a fourth straight session overnight as Congress agreed to advance legislation extending U.S. borrowing authority and the Federal Reserve's new chief held off from making any changes to its schedule for trimming stimulus.

Oz Minerals (Stuttgart: OXR.SG - news) surged 11.6 percent to near 4-month highs of A$3.79 after the gold and copper miner flagged higher production in 2014. The miner however, also reported a full-year loss after tax of A$294.4 million.

"It sounds like they are throwing out everything with this result, so new MD, new CEO coming and starting again," said IG (LSE: IGG.L - news) 's Evan Lucas, a market strategist based in Melbourne.